Gold holds a special place in Emirati culture. From traditional souks to high-end boutiques, Dubai offers gold enthusiasts an unparalleled experience. The city’s tax-free status on the precious metal lures buyers from across the globe.
Gold shops in Dubai feature a broad range of designs and purity options at great prices. Be it Dhanteras or just a casual purchase plan, there is no better place than Dubai to purchase gold. This article is the ultimate tourist guide to buying gold in Dubai.
1. Best places to buy gold in Dubai
Dubai’s gold market is a regulated place. Stores across the city are required to carry a gold purity hallmark on items they sell and must present it to their customers if asked. Some of the best places to buy gold in Dubai are:
– Dubai Gold Souk
Located in the heart of Old Dubai, the Dubai Gold Souk is home to more than 300 gold shops. This place started as a modest bazaar in the 1900s but soon started expanding in the 1940s. From delicate bracelets to statement earrings, it has it all.
The Dubai Gold Souk has something for people of all tastes and budgets. One of the main benefits of buying gold at this place is the opportunity to negotiate. Gold prices remain fixed. But sellers could offer a discount on the making charges.
Some of the most popular gold shops in the Dubai Gold Souk are Rossella, Joyalukkas, Damas, Malabar Gold and Diamonds and Taiba. You can find a great selection of ornaments in different purities of the precious metal.
Location: Deira
Timing: 10 am to 10 pm
– Meena Bazaar
Located in Bur Dubai, Meena Bazaar is a historical and celebrated place to buy gold in Dubai. It is prominent for its Indian and Pakistani stores offering a broad selection of products, such as ornaments, spices and clothes.
Meena Bazaar offers a special opportunity to explore gold ornaments from different regions of India, such as Kerala, Gujarat, Rajasthan and Tamil Nadu. It is not surprising that this place is often labelled as ‘Bur Dubai’s Little India’.
Meena Bazaar’s shops tend to start opening from 10:30 am until late at night. But different stores are likely to remain open for different hours. The market gets busy as the sun sets. Since it is not a closed market, one doesn’t need a booking to visit Meena Bazaar in Dubai.
Location: Bur Dubai
Timing: 10 am to 10 pm
– Dubai Mall
One of the largest and most frequented shopping malls on the planet, the Dubai Mall accommodates more than 1,200 shops, including a number of esteemed gold shops. It is located just adjacent to the Burj Khalifa.
The Dubai Mall houses a number of international brands famous for the precious metal, such as Cartier, Tiffany and Co. and Bvlgari. There are scores of local brands, too, such as Taiba and Liali. There is a dedicated gold souk section in the mall to ease the process.
Location: Downtown Dubai
Timing: 10 am to 12 am
– Mall of the Emirates
The Mall of the Emirates is one of the most happening shopping destinations in Dubai. It houses at least 630 stores, including a number of premiere gold shops. There are esteemed international brands, such as Chopard, Piaget and Graff.
People looking for local gems can also explore Joyalukkas and Damas. Nestled along Sheikh Zayed Road, the Mall of the Emirates also has a dedicated gold souk section offering a great selection of ornaments at reasonable prices.
Location: Sheikh Zayed Road
Timing: 10 am to 12 am
– Dubai Gold and Diamond Park
Located on Sheikh Zayed Road, the Dubai Gold and Diamond Park houses more than 90 retail stores, featuring a sizeable selection of gold and diamond accessories. There are offerings in silver and platinum, too.
This luxurious shopping destination is a popular spot for buying engagement rings, earrings and other items. Custom pieces are also a big hit at the Gold and Diamond Park. For bridal pieces, Grace Diamonds is perhaps the most trustable.
Location: Sheikh Zayed Road
Timing: 10 am to 10 pm
– Dubai International airport (DXB)
The busy Dubai International airport (DXB) also houses a good selection of gold shops (duty free and others), making it easy for tourists to purchase gold before boarding their flights out of Dubai. But there are some things to remember.
First, gold prices are set at a flat rate and second, making charges are calculated as a percentage of gold prices. Do some research, check the current gold prices and consider the Cut, Clarity, Colour and Carat (basically, the 4Cs) at all places.
2. Check gold prices in UAE online
Purchasing gold in Dubai? It is useful to check out the daily market rate of gold on the day of shopping as this rate keeps on changing daily. Head to dubaicityofgold.com/dubai-gold-rate-today to get the retail price of gold per grams for that particular date.
The Dubai Jewellery Group (DJG) publishes the retail gold jewellery price three times per day – at 9 am, 1:30 pm and 6 pm.
3. Tourist VAT refund process for gold purchase
Since its introduction in 2018, the UAE’s Value Added Tax (VAT) system has been helping tourists reclaim up to 85% of the tax on eligible goods, including gold, making shopping in Dubai an easy and economically sound process.
This VAT refund scheme is designed to encourage tourism and boost consumer spending by offering tourists an opportunity to reclaim VAT on purchased items they take out of the country. This system is fully automated and linked to points of entry and exit.
Eligibility criteria for VAT refund process for gold purchase
a. You must be a non-resident of the UAE or any other GCC country.
b. The total amount spent on a single transaction needs to be at least Dh250.
c. You must make the request for VAT refund in less than 90 days from the date of purchase.
d. Purchased items should not be consumed or used in the UAE.
Process for claiming VAT refund at Dubai International
a. Use a Manned Validation Desk or a Self-Service Kiosk to validate purchases.
b. Be ready to present your passport, boarding pass, tax-free tag(s), original tax invoice(s) and the purchased items.
c. Ensure the name on the receipt is the same as the name on the travel document.
d. In some cases, staff at the airport are likely to require an inspection.
VAT refund for gold purchase in Dubai: Top tips
a. Make sure that the gold shop you are at is registered under the UAE’s ‘Tax Refund for Tourists Scheme’.
b. Get a tax-free tag issued on your receipt from the retailer.
c. You can get a cash refund at a daily limit of Dh10,000. The credit or debit card refund is typically processed in 9-14 days. Some digital platforms also offer VAT refund options.
4. Quantity of gold Indian tourists can carry legally
Indians often travel to Dubai to purchase gold because of the affordable rates of the precious metal in the emirate. This price difference, in addition to cultural preferences, makes Dubai one of the most popular destinations for gold shopping among Indian tourists.
The Central Board of Indirect Taxes and Customs (CBIC) has issued certain guidelines, such as the gold purchased in Dubai must be in the form of ornaments, bars or coins, and proper documentation is required for verification at Indian airports.
Custom Duty Rate for male passengers
| Quantity of Gold | Custom Duty Rate |
| Up to 20 grams (Maximum of 50,000 INR) | Duty Free |
| 20 grams to 50 grams | 3% |
| 50 grams to 100 grams | 6% |
| More than 100 grams | 10% |
Custom Duty Rate for female passengers
| Quantity of Gold | Custom Duty Rate |
| Up to 40 grams (Maximum of 1,00,000 INR) | Duty Free |
| 40 grams to 100 grams | 3% |
| 100 grams to 200 grams | 6% |
| More than 200 grams | 10% |
Custom Duty Rate for children under 15 years
| Quantity of Gold | Custom Duty Rate |
| Up to 40 grams | Duty Free |
| 40 grams to 100 grams | 3% |
| 100 grams to 200 grams | 6% |
| More than 200 grams | 10% |
– Indian passengers returning from Dubai after staying in the emirate for more than 6 months can bring up to 1 kg of gold. But they need to pay the applicable customs duty.
– For Indian passengers carrying gold in the form of bars and coins, the custom duty rate remains at 0% for less than 20 grams.
– If the gold being carried exceeds the duty-free limit, passengers are required to declare the gold at Indian airports.
– Indian passengers returning from Dubai are recommended to carry gold in cabin luggage, alongside proper documentation.
5. Best time to buy gold in Dubai
If historical analysis of gold prices is taken into consideration, prices tend to increase in the beginning of the year and starts to drop in the period from March to mid-year, and again gets on a spike on September, October and November.
Therefore, the best times to buy gold in Dubai are early January, March and early April, or from mid-June to early July. Gold prices typically drop the most in March, compared to other months of the year. But rates are subjected to geopolitical and economic fluctuations, too.
6. Frequently asked questions
1. Best place to buy gold in Dubai
One of the best locations to purchase gold in Dubai is the Gold Souk in Deira. This place has a great selection of stores and ornaments to choose from. For high-end purchases, the Dubai Mall and Gold and Diamond Park are better.
2. Things to remember before purchasing gold in Dubai
Karatage: 24k is pure gold, 18k gold has 75% gold and 25% other metals.
Market rate: The daily market rate of gold keeps on changing.
Hallmark: Hallmarked gold carries a unique identification number that helps customers identify the sourcing of gold and the purity, too.
3. Getting the best deal at gold shops in Dubai
Once the staff at the shop has informed you of the price, the actual game begins. It is time to haggle to get the best deal. Imported ornaments and those made locally cost different, majorly. You might not get the best deal at the first shop itself. Look around.
4. Inquiring about authentication
Remember, at the time of buying gold in Dubai, ask for the digital authentication certificate. It is mandatory for Dubai retailers to present the certificate to buyers upon request. This digital document carries all the information you need about the purchased gold.
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What makes you a good journalist? Hopefully, I can find a convincing answer to it someday.From Btech in Civil Engineering to pursuing Masters in Journalism and Mass Communication, it has been quite a journey. I have a keen interest in investigative journalism and exploring the latest developments in the Gulf region.
I care about ethical reporting and bringing something new to the table. Overall, if not a writer, I believe I would have been a globetrotter or a pet-sitter.
Email id: shrabani@traveltodubai.ae
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